Toronto-Dominion Bank (TD) is halting a loan program delivered by Canada Post just weeks after it was expanded nationwide.
TD Bank said it has paused the “MyMoney Loan” program delivered at Canada Post outlets indefinitely because of unspecified processing issues. The program has been halted both online and at postal locations, added the bank.
The program had offered variable or fixed rate loans ranging from $1,000 to $30,000 to Canadians, particularly in rural, remote and northern locations. The loans could be repaid over periods of one to seven years.
Qualifying for one of the loans was based on a person’s credit score. Other eligibility requirements included that people have an annual income of at least $1,000, had not declared bankruptcy, and were Canadian citizens.
In October, Canada Post and TD Bank announced an expansion of the MyMoney Loan program to Nova Scotia, Manitoba, and Ontario. The program began in 2021.
The national expansion was intended to make the loan program available in more rural, remote, and northern communities, as well as Indigenous communities, said Canada Post last month.
